Stocks
Tech Giants Tumble on AI Development Concerns
US tech giants Alphabet, Microsoft, Amazon, and Meta are trading lower in pre-market sessions on Monday.
Amazon led the decline with a 1.44% drop to around $253 per share.
The decline is attributed to several prominent tech leaders backing a call by Anthropic's CEO Dario Amodei for AI labs to slow down the 'reckless' pace of AI development.
Amodei noted that the AI boom has become increasingly dependent on the growth of these companies, and warned that a swarm of AI agents could take over the internet in 6-12 months, resulting in hundreds of billions of dollars in damages if control measures are not put in place.